Montreal, QB /ACCESSWIRE / April 29, 2014 / Algold Resources Limited. (ALG: TSXV - the "Corporation" www.algold.com) announces additional progress on its Q1 2014 exploration program in Mauritania. The cumulative results of the Airborne Magnetometer Survey, IP surveys, gold soil geochemical analysis and geological mapping, some of which have already been announced in previous press releases, have enabled the Corporation to generate optimal Drill Targets over prospective areas on both the Kneivissat and Legouessi Properties, located in Mauritania.
The next step in the exploration phase, which was approved by the board of directors on April 28, 2014, will include a 10,000 meter drill program. The first phase of 5,000 meters will start in early May 2014 and will target part of the high priority KC and LSO prospect (see Figure 1), as outlined below. The Phase 2 drilling program will focus on the best results from phase 1, likely in Q3 2014.
Update highlights include:
Kneivissat :
-Reception of assays results for all samples sent in Q1 (549) as well as results from 61 rock chip samples. (Figure 2),
-A total of 5.0 km line of Pole Dipole Array IP Survey, have been completed,
-A total of 54.6 km line of Dipole Gradient Arrays IP have been completed;
Legouessi :
-1358 soil samples have been collected since January 2014,
-Assays results have been received for 436 samples (press release of March 2014), 488 are in treatment at the laboratory, and a further 434 are to be sent for analysis, and are anticipated to be during Q2 2014,
-A total of 18.85 km line of Pole Dipole Array IP Survey have been completed,
-A total of 176,6 km line of Dipole Gradient Arrays IP have been completed;
The Kneivissat KC and Legouessi LSO prospects represent one of the most promising areas for both properties. Since inception of exploration program in June 2013, the prospects have revealed the presence of a silica rich (+90%) unit sitting in a mafic volcano sedimentary sequence. The IP survey has also identified more than 73 chargeable axes on the KC prospect and 52 on the LSO prospect.
Preliminary interpretations by Sagax Geophysics, a leading consulting geophysical group in West Africa, indicate the presence of an important N-S shear - deformation corridor, displaying a senestral movement component. Within this corridor, several anomalous structures present "pull-apart" type geometrical pattern which could potentially preclude to structural traps for gold mineralization.
The principal anomalies within this corridor are essentially chargeable, locally resistive and often magnetic, within a conductive envelope.
The origin of these conductive zones remains to be determined, as the outcrops at surface are essentially constituted of the "Silica Rich Bierbirite" Unit. Thus, the intensity local tectonics, the presence of a surface conductor, and/or the presence of particularly conductive rocks (conductive sediments, iron formations, etc.) could only explain the high conductivity of these areas within the corridor of shear.
This correlation of a strong magnetic anomaly, a halo of potassic alteration, gold in soil anomaly, trends of high chargeability (following IP survey), high resistivity and high conductivity preclude to some type of conductor in the bedrock. These findings are encouraging and the RC drilling program is targeted to provide additional findings and validation of these anomalies.
The other prospects - targets, on Kneivissat and Legouessi, also show some definite interest and the IP survey area is being expanded to cover extension of strong chargeability and resistivity on part of the LC and NL area. In particular, North Drilling Area of Caracal, where some 2500 meters of core drilling had been conducted in 2010, an IP anomaly has been detected to the NW of the zone, which was unexplored previously, but it is positioned over a gold soil anomaly, identified in the IP Survey.
Algold also granted 40,000 options to its Chief Financial Officer on April 28, 2014.
Quality Assurance / Quality Control (QA/QC)
Analytical work for soil geochemical samples and rock chips samples is being carried out at the independent ALS "Abilab" Laboratories Ltd. in Bamako, Mali. Samples are stored at Algold field camp and put into sealed bags until delivered by a geologist to ALS preparation laboratory in Nouakchott, Mauritania. Samples are sieved and prepared for shipping to Bamako. In Bamako, samples are crushed and pulverised to 200 mesh (80 micron) and a 30 gram split is analysed by fire assay with an AA finish. Blanks and duplicates are being used to monitor laboratory performance during the analysis. Analytical work for the drilling program conducted by Caracal was carried out at ALS Irish laboratory, under the supervision of a senior geologist.
This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by Andre Ciesielski, DSc., PGeo, Algold Resources Ltd. Lead Consulting Geologist and Qualified Person.
ABOUT ALGOLD
Algold Resources Ltd is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.
Algold is the operator on both the Kneivissat and Legouessi Properties. The Kneivissat property is 90% owned by Algold and the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal (Electrum Group Companies). Algold can earn up to a 90% interest in the Legouessi exploration permit (see October 10, 2013 press release for more details), however, Caracal has the right to participate in the joint venture at either 51% or 75%, by funding it's share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
This news release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward looking statements (or forward-looking information). The Corporation's plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.
For further information, please contact:
Algold Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Francois Auclair M.Sc., PGeo Yves Grou, CPA CA
President & CEO Executive Vice Chairman
[email protected] [email protected]
(514) 889 5089(514) 237 7757
Figure 1
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Figure 2
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SOURCE: Algold Resources Limited.